The Business Of Mining: Profits, Losses, Hobbies and Businesses
November 2008 by Mark E. BattersbyEveryone can deduct all of the ordinary and necessary expenses of conducting a trade or business. But how can anyone hope to refute the IRS’s labeling of their activity as a hobby or, probably more importantly, hope to achieve the label of a tax business?
Following the hundreds of delivery complaints we received regarding our January 2006 issue, the US Postal Service made a few suggestions to help stem the tide of late deliveries.
Excerpts from California Mining Journal, our original title, published 50 years ago this month.
Leon was leading the way as we hiked the trail out of North Canyon. Without any warning Leon leaped into the air. He had just spotted a big rattlesnake lying in the grass beside the trail.
Compared to California, Arizona has virtually no oil seeps. But, the great Permian Basin of West Texas has virtually none either. Arizona has something that neither California nor Texas have, and that is public lands that are open for leasing. The northern half of Arizona has more seeps and is thus of greater interest, but it would be foolish to disregard the southern half because giant oil and natural gas fields could underlie some of the broad desert valleys.
One of the newest opportunities available to the individual prospector is the exchange of information over the Internet. A number of websites and forums dedicated to prospecting for gold have sprung up in recent years.
From a prospector's standpoint, the metal detector may be one of the most significant breakthroughs of the twentieth century. It is believed that the first metal detector was discovered accidentally in 1925 when a radio engineer...
The Bawl Mill • Where To Find Diamonds • Miners Find Encouraging Prospects Near Livengood • Glen's Big Find • Suction Dredge Study • Lluvia de Oro— A Shower of Gold Awaiting Development in the Sierra Madre—Part I • Beyond The End of The Road • Barnes Store and Yankee Jims • Mining Tax Increase Suggested • Opening Ceremony for Buckhorn Mine • Mining Journal Contest—How Much Is That Old Mining Journal Worth? • Melman on Gold & Silver • Mining Stock Quotes and Mineral & Metal Prices